Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
What makes the situation completely surreal are the numbers. Greek debt in 2008 was approximately 260bn Euro. The first bailout was 110bn, the current one, that appears to be tearing the country apart, is 130bn. Add in the PSI+ haircut of approximately 100bn ( after sweetener deduction ) and you realized that Europe could have simply paid the entire bill in 2008 and saved itself 80bn Euro. Ok, that is an oversimplification of the problem but you can see my point.

However now, after 340bn Euros, Greece is still has an unmanageable debt, is in a far worse position than it was 3 years ago and it appears the country itself is coming apart at the seams.

Looks like bond vultures are having good business: They are already getting all old "lazy" Greek debt back, and they can expect much more?! Like with the subprime, what a fascinating game: roll over the debt until the music stops?!

by das monde on Mon Feb 13th, 2012 at 10:03:07 AM EST

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